Calculate the amount of accounts receivable, Accounting Basics

Cowhand's Bar-B-Q House went into business on January 1, 2009. The following information is available at December 31, 2009:

Sales revenue for the year

$300,000

Cash on hand at 12-31-2009

8,000

Contributed capital

50,000

Wages payable at year end

15,000

Cash received from customers during the year

190,000

Dividends paid during the year

8,000

Expenses incurred during the year (depreciation expense = $0)

195,000

Cash paid to buy long-term assets during the year

25,000

Accounts receivable at year-end

?

Required:

Determine the correct amount for each of the following:

a. What is the amount of net income?

b. What amount should be reported for retained earnings at year-end 2009?

c. What is the amount of accounts receivable at year end?

Posted Date: 2/22/2013 5:28:06 AM | Location : United States







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